Mohd Sharief Tariq, Member - (1.) Pcs for Applicant present. Mr. Prakash, Representative on behalf of the Corporate Debtor present. PCS representing the Applicant has submitted a joint memo of compromise signed by both the parties which contains schedule for payment of the outstanding debt. He further submitted that one instalment to the tune of Rs.3 lakhs has already been paid by the Corporate Debtor. The joint memo that contains the schedule for payment is placed on record. The joint memo of compromise shall form part of the order. In terms of the joint memo, the petition is disposed of. However, liberty is given to the Applicant to revive the Application in the event of defaults, if committed by the Corporate Debtor in making the payment, as per the schedule of payment.;